MN HF2997

Expands the definition of "group insurance" to include trusts established by insurance companies or individuals for paying future funeral expenses, creating a new category of preneed group life insurance.

Modifies graded death benefit requirements to specify that death benefits must be greater than premiums paid (rather than at least four times the first year premium) during any period when the benefit is graded or reduced.

Clarifies that graded death benefit provisions apply specifically during periods when benefits are graded or reduced, and maintains existing exceptions for voluntary rescissions and exclusions for suicide, aviation, and war risk.

Amends Minnesota Statutes sections 60A.02, subdivision 28 and 72A.207 to implement these changes to life insurance policy regulations.